Introduction to MT5 Interface
The following screen shot below shows the main MT5 software inter-face. As a beginner trader trying to learn how to execute forex orders in the online forex market, the main tool for trading the forex market is the MT5 trading platform software. This MT5 platform is software that you will connect to your forex broker with & execute forex trade transactions & monitor your forex MT5 account balance from this MT5 platform.
The Forex MT5 Trading Platform software is provided for free through the various Forex broker websites. This MT5 forex software looks like the forex trading example below:
The Main Areas of this MetaTrader 5 software as shown above are:
- MT5 Navigation Menus
- Toolbars
- MetaTrader 5 Chart Window
- MetaTrader 5 Navigator Panel
- MT5 Market Watch Window
- MetaTrader 5 Terminal
- MT5 Connection Bars
For this MT5 tutorial we shall look at a brief introduction for each of these learn forex MT5 Trading Platform:
1. Navigation Menus
The MetaTrader 5 navigation menus are:
- File
- View
- Insert
- Charts
- Tools
- Window
- Help
These are the main MT5 navigation menus that can be used to navigate MetaTrader 5 platform. As a beginner you can begin by clicking any of these MT5 navigation menus to familiarize yourself with various MT5 button keys which are arranged as MT5 sub menus within these MetaTrader 5 navigation menus.
These MT5 navigation menus will be discussed and covered in details in the next MT5 guides about navigation menus.
2. Toolbars
The MT5 toolbars are used to manipulate MT5 charts, either by placing MT5 indicators, MT5 line studies, change MT5 chart time frames and load MT5 chart template from a list of saved MT5 chart templates.
These MT5 tool bars will be discussed on other MT5 guides that will outline each MT5 button on this MT5 tool bar & how to add and customize these MT5 toolbars.
3. Chart Panel
This MT5 chart window is the main area where MT5 charts are displayed & a trader can analyze the forex trend direction of a MetaTrader 5 chart whether up or down, place MT5 chart indicators for forex technical analysis and even place orders from these MT5 charts.
4. Navigator
MT5 Navigator will contain data about MT5 trading accounts, whether demo or real, this MT5 window will also have a list of all the MT5 technical indicators as well as MT5 Automated Forex EAs and scripts.
A trader can choose which MT5 account to login by expanding the Accounts menu, choose an MT5 indicator by expanding the MT5 indicator menu or choose an MT5 Automated Forex EA by expanding the Automated Forex EA menu.
5. Market Watch
MetaTrader 5 Market watch is used to show streaming forex quotes for MT5 currency pairs. This can list as many quotes provided by your MT5 Forex broker or a few selected by a trader. To save inter net band width, right-click inside the MT5 market watch window and select "Hide All", so as to hide the currencies that you are not transacting on this MT5 Trading Platform & save on internet band width.
6. Terminal
This is the MT5 window that is like the bank MT5 account transaction area for your MT5 forex trade transactions, on this MT5 window you can view your MT5 account balance, profit & losses statement, equity, margin used also retrieve a copy of all your MT5 forex trade transactions history.
This MT5 window will also list all open forex trade transactions & calculate all the profit and loss in realtime as the forex currencies move up or down.
7. Connection Bar
MetaTrader 5 connection bars - Red bars are for no connectivity, green bars show that there is connectivity to the servers & MetaTrader 5 forex trade orders can be set. These MT5 connection bars should always be green when one logged into their MT5 demo MT5 account or MetaTrader 5 live account.
These MT5 Trading Platform main areas form the MetaTrader 5 Platform interface & will be the main areas to be covered in detail in next learn MT5 tutorials. For now it is best to download MetaTrader 5 Trading Platform software and familiarize yourself with the MT5 platform interface.
Why Forex Software is Required for Placing forex Transactions with Forex Brokers
Forex platform is the software that is used to access the forex market and interpret these currencies using forex charts and forex trading technical analysis tools. There are various reasons why a trader requires to use a good platform. A good trading software can determine if a as a trader you make a profit or not.
So why does a Forex Trading trader need a good Trading Platform:
To connect to the Forex Broker Trading Server:
To place a forex trade order a trader needs to use a trading software which will connect to the trading servers of their forex broker & this will allow them to open & close forex trade orders. Good platforms will connect with ease to the brokers' servers & allow forex traders to place forex trade orders at any time from their desktop computer.
To analyze forex charts & currencies using forex technical analysis tools
To place a buy or sell forex order a trader needs to first analyze direction of currency pair using forex charts. This is why all good softwares provide forex technical tools such as forex trading price charts, indicators & various different chart time-frames from which one-can analyze forex trading price moves using the forex chart time frames of their choice.
From the above trading platform interface, the summary of all information required by a trader is provided on this MT5 Trading Platform interface
- Connection - connection to the broker servers
- Charts - forex trading price graphs that display forex prices
- Toolbars - MetaTrader 5 tool bars to add tools and forex technical analysis indicators on forex charts
- Market Watch - for displaying available instruments in MetaTrader 5
- Data window - provides MT5 forex account information and other technical indicator data
- Exchange rates - shows current market forex trading price of a currency pair
- Menu bar - Shows all menu items on the MT5 Platform
